In a 2-quart saucepan, bring the water, cranberry juice, orange zest, olive oil and salt to a boil. Stir in the rice. Cover the sauce pan and simmer the rice 25-30 minutes or until the rice is cooked and the liquid has totally evaporated.
Empty the rice into a large serving bowl and add the peanuts, peppers and onion.
Just before serving, season the rice with salt and pepper and add the dried cranberries, gently folding them in to prevent the rice from becoming sticky.